Warren Enterprises had the following events during Year 1: The business issued $32,000 of common stock to its stockholders. The business purchased land for $24,000 cash. Services were provided to customers for $28,000 cash. Services were provided to customers for $17,000 on account The company borrowed $28,000 from the bank. Operating expenses of $24,000 were incurred and paid in cash. Salary expense of $2,000 was accrued. A dividend of $16,000 was paid to the stockholders of Warren Enterprises. . Assuming the company began operations during Year 1. What is the amount of retained earnings as of December 31, Year 1? Multiple Choice $45,000 Nexa> 8 of 50